“Slow-motion bank runs are already in progress in the European periphery… You can see why we’re now at the panic stage.” – Paul Krugman

Via Politics.ie – Nobel Memorial Prize winner Paul Krugman writes in the New York TimesThe Euro Living Dangerously:

So the ECB keeps saying that restructuring is unthinkable. Yet austerity programs are not working; the prospect of a return to normal financing is receding rather than approaching.

If you ask me, the water level has now dropped so far that the fuel rods are exposed. We really are in meltdown territory.

Read more.

Varadkar! What have you done?!

Don’t talk it down! Don’t talk it down!

This entry was posted in Bank Run, Bankers' Bailout, Budget, Debt Default/Restructuring, ECB/IMF, Economy, EU, Euro / Sovereign Money, Geopolitics, Housing Bubble, ireland and tagged , , , , , , . Bookmark the permalink.

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